What is a brand?The dictionary defines it as follows: A distinguishing symbol, mark, logo, name, word, sentence, or a combination of these items that companies use to distinguish their product from others in the market. Further, it goes on to say once a brand has created positive sentiment among its target audience, the business is said to have built "brand equity." Some examples of businesses with brand equity are Microsoft and Coca-Cola.
So, then, what is a commodity?According to the dictionary it's any bulk good traded on an exchange or in the cash market. If it's a product or service it means it's not distinguishable from any other product or service in its category. Commodities are usually bought and sold based on price. Meaning if you've got the lowest price you get the sale and if you don't, you don't. So let me ask you a question ... Are you and your business a brand or a commodity?
Do you give people a strong reason to purchase your product or service rather than purchasing a competitive product or service? And, is that reason or difference apparent in all that you do? For example, I've worked very hard to establish the 10stepmarketing brand and its simple, step by step approach to marketing. Everything I do, from the articles I write, to the way I structure and teach my telecourses and teleseminars, to the way I coach, is all focused on this simple, step by step approach. Consistency is the key. And, if you can do this with your business you'll be on your way to being a brand and being very successful.
Marketing Tips Podcast: Brands vs. Commodities
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(length 4:39 minutes)
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